Michael Saylor

Yeah, because I see this year, August 2020, you made a quarter of a billion. September 2020, 175. December 2020, you bought 50 million. February 2021, you bought a billion. November 11, 2024, last week, 2 billion, and then today, 4.6 billion.

Yeah, so $6.6 billion since we had our quarterly results. I think it's like 41, 42 times we bought Bitcoin in that range. So ever since August of 2020, we keep buying. We don't sell. It's a very simple strategy. Bitcoin is Manhattan in cyberspace. I just want to keep buying Manhattan in cyberspace. I have this theory that one day 8 billion people want to put their money in Manhattan in cyberspace.

Yeah, so $6.6 billion since we had our quarterly results. I think it's like 41, 42 times we bought Bitcoin in that range. So ever since August of 2020, we keep buying. We don't sell. It's a very simple strategy. Bitcoin is Manhattan in cyberspace. I just want to keep buying Manhattan in cyberspace. I have this theory that one day 8 billion people want to put their money in Manhattan in cyberspace.

And of course, the more we bought, the more transparent we are, the more the capital markets get behind us. So now, if you're an investor on Wall Street and you're looking for the company that's going to buy up cyberspace, then you're buying MicroStrategy stock. And some people like Bitcoin, so they buy Bitcoin. Every day of my life, I tell people to buy Bitcoin.

And of course, the more we bought, the more transparent we are, the more the capital markets get behind us. So now, if you're an investor on Wall Street and you're looking for the company that's going to buy up cyberspace, then you're buying MicroStrategy stock. And some people like Bitcoin, so they buy Bitcoin. Every day of my life, I tell people to buy Bitcoin.

Some people want more Bitcoin, right? The joke I have is the only thing better than Bitcoin is more Bitcoin. So- So we borrowed $4.2 billion at 82 basis points and we bought Bitcoin with it. So for the people that like Bitcoin, they buy it. But people that really like it want to borrow a lot of money and buy more. And then there's another group of investors, the convertible bond investors.

Some people want more Bitcoin, right? The joke I have is the only thing better than Bitcoin is more Bitcoin. So- So we borrowed $4.2 billion at 82 basis points and we bought Bitcoin with it. So for the people that like Bitcoin, they buy it. But people that really like it want to borrow a lot of money and buy more. And then there's another group of investors, the convertible bond investors.

And how do you buy Bitcoin at the all-time high and get the upside but don't have the downside? So you buy the bonds and it turns out that our bonds have outperformed Bitcoin, but they're bonds. And so that blows people's minds that we can actually sell you a bond. They don't just outperform all the other bonds. Some of these bonds are, I mean, they're trading 200 plus against 100 basis.

And how do you buy Bitcoin at the all-time high and get the upside but don't have the downside? So you buy the bonds and it turns out that our bonds have outperformed Bitcoin, but they're bonds. And so that blows people's minds that we can actually sell you a bond. They don't just outperform all the other bonds. Some of these bonds are, I mean, they're trading 200 plus against 100 basis.

They're up 100%. So they outperform all the bonds, but they also outperform the Bitcoin. And that's because we've created a public company with a tiered capital structure. And we've got a lot of permanent capital. Then we've got the senior bonds and the capital structure. And then the equity generates a BTC yield. And so a lot of Bitcoin maxis pile into the equity. And that gives us a premium.

They're up 100%. So they outperform all the bonds, but they also outperform the Bitcoin. And that's because we've created a public company with a tiered capital structure. And we've got a lot of permanent capital. Then we've got the senior bonds and the capital structure. And then the equity generates a BTC yield. And so a lot of Bitcoin maxis pile into the equity. And that gives us a premium.

And we're able to use... the premium from the equity in order to create very accretive capital markets transactions with the bonds and the rest of the equity.

And we're able to use... the premium from the equity in order to create very accretive capital markets transactions with the bonds and the rest of the equity.

Now, the question is, like, when you went from, you know, 41 to 30 to $20 and the market's reacting to you, Michael Saylor was wrong. He made a mistake. Look what's going to happen to all his investors' money. Biggest mistake. He's going to get a margin call. He's about to lose it all, right? Did you ever get a margin call? Did that ever happen? No. Nothing. Were you ever close to a margin call?

Now, the question is, like, when you went from, you know, 41 to 30 to $20 and the market's reacting to you, Michael Saylor was wrong. He made a mistake. Look what's going to happen to all his investors' money. Biggest mistake. He's going to get a margin call. He's about to lose it all, right? Did you ever get a margin call? Did that ever happen? No. Nothing. Were you ever close to a margin call?

No. Not even close.

No. Not even close.

No.

No.

Why weren't you close to a margin call?